Settlement

Planned DSD aims to link traditional and digital markets, with first phase targeted for 2026 subject to regulatory approval. 

Adrian Whelan, global head of market intelligence at Brown Brothers Harriman says geopolitics is the unavoidable elephant in the room for global regulation. Cross-border firms are facing overlapping and conflicting rules on funds, settlement, ESG, and digital assets - and political tensions are increasingly shaping how regulators enforce them. 

Major banks including Crédit Agricole CIB and Bank of China tap offshore Chinese government bonds for margining. 

CSD-issued tokenised assets to become eligible for credit operations from March 2026.

Collaboration gives clearing members access to Clearstream’s pan-European CSD and ICSD services. 

The new offering will make use of Eurosystem’s T2S platform, which is overseen by the European Central Bank, to enhance European fixed income market consolidation and increase control over post-trade workflows.  

The $150 milllion deal settled T+0 via Euroclear D-FMI, with Citi as issuing and paying agent. 

Gerard Walsh, global head of client solutions, banking and markets at Northern Trust, says US T+1 has pushed APAC managers to treat the trade and FX as one lifecycle and tighten long-standing processes.  

Panel at The Network Forum: Asia warns that despite accelerating reforms across India, Vietnam and Southeast Asia, deep-rooted fragmentation and uneven market structures continue to challenge global investors. 

FX market participants continue to lean on automated netting as settlement-risk concerns persist.